Trump gripes about Fed in rare rebuke by sitting president

In an interview on CNBC, Trump said, "I'm not thrilled" about the Fed's policy of gradually raising its key interest rates.

"I'm not happy about it".

Speaking about Fed policy in his interview with CNBC, Trump said he is "letting them do what they feel is best".

"But I don't like all of this work that goes into doing what we're doing", he said, according to CNBC.

The Fed has raised interest rates five times since Trump took office in January 2017, with two of those coming this year under Chairman Jerome Powell, the president's pick to replace Janet Yellen.

Although he does not approve with recent hikes, President Trump followed up by saying he put a "very good man in" at the Fed. The U.S. dollar fell to 112.46 yen from 112.84 yen earlier, and yields on Treasurys dipped slightly.

Doing so slows growth, as it raises the cost of borrowing, but can also prevent runaway inflation from damaging the economy. There will be many "who see that as the Fed yielding to a combative president", Conti-Brown said. Rubin argued for that policy to be maintained in a New York Times op-ed piece a year ago when the White House was mulling the choice of Yellen's successor.

While the USA economy has been growing robustly with unemployment under 4% and inflation in check, the Fed hasn't been a target for the administration.

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"We have a long tradition here of conducting policy in a particular way, and that way is independent of all political concerns", Powell said.

In a bit of hyperbole, former Fed Gov. Frederic Mishkin, on CNBC, brought up the example of Turkey President Recep Tayyip Erdogan's recent move to take over interest-rate policy, including naming his son-in-law to oversee economic policy.

White House spokeswoman Lindsay Walters said in an emailed statement that the president "respects the independence of the Fed", adding that his views on rates "are well known and his comments today are a reiteration of those long-held positions".

"The Fed has often faced political pressures - from Congress, presidents, Treasury secretaries and innumerable outside groups", said Kroszner, an economics professor at the University of Chicago.

Mr Trump argued that higher rates put the USA at a disadvantage and impede faster growth. But the past three administrations under Bill Clinton, George W. Bush and Barack Obama have refrained from publicly commenting on policy decisions.

Economists say state intervention in the affairs of central banks can have disastrous consequences, leading to hyper-inflation and devalued currencies.

He went on to criticize the declines in the euro and the Chinese yuan, contending the Fed rate increases put the U.S.at a disadvantage.

George H.W. Bush's administration complained that he felt the Fed's failure to cut rates more quickly in 1992 contributed to his re-election defeat that year.

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